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									Chinese larch capital,

Chinese larch capital

Chinese larch capital, Chinese larch capital

Chinese larch capital
Chinese larch capital is virgin 1972, share 18 fund, exceed total
capital of 4 billion dollar, gross investment surpasses 500 companies,
many 200 success appears on the market, the 100 many case that buy a
success to exit through annex. Chinese larch capital regards the
whole world as the biggest VC, ever invested malic computer, Cisco,
inscriptions on bones or tortoise shells of the Shang Dynasty, Yahoo
and Google, Paypal, the company total market prise that Chinese larch
invests exceeds 10% what Na Sida overcomes market total prices to be
worth. Because American high-tech enterprise is centered in
California more, this company Ceng Xuan says investment never exceeds
Silicon Valley 40 miles of radius. In September 2005, make sail of
former director of fund of De Fengjie whole world and former
president of the network that carry Cheng hold CFO Shen Napeng and
Sequoia Capital concurrently (Chinese larch capital) together only
then started fund of China of Chinese larch capital (Sequoia Capital
China) .
Chinese larch capital - VC legend
Chinese larch legend
Know the home of venture capital investment with the strongest
limelight of current Silicon Valley, with ” of his Chinese
“ apprentice
The dune road of door collect park, expose in California beautiful
below not quite true sunshine.
It does not calculate too broad, wayside building also color simple
and unadorned. Arboreous and too much, let those build go up at 20
centuries of half leaf 2, 3 Xiaolou, show a ligneous only mostly low
inclined housetop. Ferial in, rise on shadow of sunshine, tree and
road rise and fall the hill bag of volt, combine the view that is a
group of peaceful, in the aperture of permeate shutter.
As quiet as this kind, ordinary picture just one-to-one is, this is
continuous several lis road, because of densely covered move in all
administer the company of about a hundred venture capital investment
of 260 billion dollar, and United States of “ be callinged by a few
people on the west wall street ” of the coast. Although here lacks
the majesty of wall street type or aristocratic spirit, but want only,
since Intel founded 1969, the high-tech company of great majority
Silicon Valley is propped up by the investor here expand, knowable
what does it mean to wall street.
Spread in this miracle on road, chinese larch capital (Sequoia
Capital) it is a real romance. The wind that serves as an operation
nearly 35 years joins a company, its conquer transition of science
and technology and economic fluctuation, obtain the outstanding
project density with echo of photograph of length of this lifetime
life thereby: In times of large scale computer, it disentombed
computer of PC pioneer apple, develop wantonly when PC, it fosters
3Com of company of equipment of hauling sth resembling a net, Cisco,
and be joined extensively when computer, internet times comes, it
investment Yu Yahu and Google„„ the because of its secret
investment outstanding achievement that does not show oneself, the
outside often cites a kind of such views: It invests more than 500
companies, among them many 130 success appears on the market,
additionally annex of have the aid of of 100 many projects buys a
success to exit. 10% what because of the company that its invest and
appears on the market total market prise exceeds Na Sida to overcome
market total prices to be worth.
Let this magazine provide your a few numbers that never had shown in
China: It is cycle with 8 years, of 6 fund that Chinese larch created
1992 year change internal return rate (Annualized IRR) for 110% , the
internal return rate of 7 fund that created 1995 is 174.5% , although
because establish,call in later and not completely 8 fund of redound,
also achieved to the between internal return rate at the beginning of
2003 1998 96% . This is a series of sufficient the number that your
wind joins sidelong glance of anybody of course of study: The average
level of industry interior return rate, be in 15% to 40% between.
And, the legend of Chinese larch still is continueing: Inside course
of study computative, after Google appeared on the market 2004,
chinese larch its 12.5 million dollar turns into redound of above of
5 billion dollar. And its 11.5 million dollar on YouTube invests also
as Google buy, became 495 million dollar.
Be full of ability and wisdom in person the success that tall
competition industry gains such extraordinary, let Chinese larch
become the equipment inside course of study inevitably to get the boy
or girl friend that fix eyes upon, and the investor of its star
project, those who be like invest in apple, inscriptions on bones or
tortoise shells of the Shang Dynasty and Cisco the Tang
Dynasty · made of baked clay Lun Tan (Don Valentine) with the
Michael Er that discovers Yahoo, Paypal and Google · Mo Ruici
(Michael Moritz) , almost all observer meets the superstar —— that
becomes dune road to go up general the Tang Dynasty Er of · made of
baked clay Lun Tan, Michael of · Mo Ruici and Intel of invest in of
one's early years inferior a twenty-five-stringed plucked instrument
the John of · Lock, KPCB · Dewar, the personage inside most course
of study also admits bluntly, chinese larch makes a person
Was in March 2006 inside an office of dune road, mayfield fund
carries out flourish of draw water of copartner a surname (Kevin
Fong) : &ld Quo; do you feel who is here best investor? He
expresses ” directly: ” of · Mo Ruici of “ Michael Er. Reason?
“ because he can pitching others does not join the project that
give. ” and the copartner before NEA invests a company Situerte
Aosuopu weighs · : I and Morui Ci competition cross “ a lot of
opportunities, but I do not know how he makes investment decision, I
am very bemused. ”
Want analytic the locomotive way of ” of machine of this “ value,
be not Mo Ruici of easy thing —— to express to this print frankness
truly: “ we are halfhearted offer action guideline ”—— for
company of other venture capital investment but a god-given
perspective is Chinese larch China build. It mirrorred Chinese larch
thoroughly how to select a group, how to form tacit agreement with
fresh blood, and if where,a brand-new market discovers new
opportunity. For this, in the past between 3 months, " round-the-
world entrepreneur " interview Chinese larch China several degrees 4
main controller, near the author of one of half project, be in a year
interview Mo Ruici once more.
Course of study of “ venture capital investment has ‘ of
administrative levels of a lot of ’ , you look very simple, but want
to had been done, be about to learn, comprehend a lot of
administrative levels. The paint that this has followed is same,
although the surface looks simple, the complexity with actually many
contain. Analogy of · Mo Ruici weighs ” Michael Er. Its person
never plays golf, off hours likes to draw. And he is to the summary
of Chinese larch: “ we are a flock of people, work conscientiously,
a small company that tries to decide we invest can become great. ”
This once repaired the welsh that reviews 7 years the history,
compose crosses two commerce to be worn to having superexcellent
style of writing and clever figurative capacity, but the concept that
he prefers to elaborate his with simple way. For instance, about a
small issue that cannot ignore: How does Chinese larch define the
success of company of a venture capital investment?
On September 12, 2006, the person that the Mo Ruici that visits China
does poineering work to about a hundred, elaborated a kind of such
viewpoints: The successful level that measures poineering company has
only, subsist. And the successful standard of investor, it is subsist
of poineering firm of help of the oldest rate. And in be being
interviewed 2004, morui Ci Say, company of good venture capital
investment needs to maintain two kinds of quality: It is convincing
investment redound record firstly, it is to maintain altitude
secondly emulative.
This is not the character of unfounded. If say the unique part of
Chinese larch reflects Yu Jilian add 30 years to go before technical
tide, deep administrative levels, this results from a few methods
that retain competition ability: Assiduous, maintain curiosity and
crisis consciousness, do not change investment for market wave motion
basic principle, in long in form the tacit understanding between
copartner and collective progress „„ they induce not hard, but
fulfil for a long time very hard.
Although this is the methodology of the partner business of a tens of
person dimensions only, but its actually has very great general
comfortable sense. In this acceleration trade times, before classics
year changeless commercial pattern often is in obtain 2, the
challenge is faced after success of 3 years. See Microsoft, Intel,
Suo Ni the innovation pioneer of these up a stump, and —— of whole
car line of business goes in front of the trend continuously, search
those having tremendous erupt the commercial opportunity of force, be
an any enterprises answer to review from the experience middle school
of Chinese larch.
Chip in at circuit, and rather than surpasses a hand
American ideologist Emerson ever said: “ the outspread ” that an
orgnaization is one individual consequence. In Chinese larch, this
person is father the Tang Dynasty · made of baked clay Lun Tan.
The style of alleged Waluntan, can reduce a word: “ invest in is
having the company of huge market demand, want feel well invest in to
need to create the company ” of market demand. Because its emphasize
the market be opposite too the meaning of a company, old since, this
word is by extend the meaning commonner “ chip in at circuit, and
rather than surpasses hand ” .
This is dune road probably go up most the methodology that wears a of
the name to attribute trade of venture capital investment only, also
be the logion with most controversy is caused inside the industry.
The surface looks, this word appears too cross mind of entrepreneur
of look down on to doing poineering work the value of the company,
and appear very individual empiricism: Found in Waluntan before
Chinese larch, he ever was in two companies hold the position of
semiconductor of celestial being child and national semiconductor the
important post that sells a field, be thought to be good at
understanding vicissitude of the market, know how to answer these
change. And the education of venture capital investment of his
individual also comes from the experience at national semiconductor
period: Because in those days its scope is still little, natural
resources is limited arrive to cannot offer a product for all client
even, must somebody will judge what client future capacious, be worth
to cooperate for a long time, what client Need is decisive refuse. Be
in charge of this covering with tiles Lun Tan needs the commercial
value that needs the market prospect according to company of the
other side and short-term product will keep making decision-makingly
But also need to point out, waluntan is not the art of person of not
good at photograph. Acting 1960 he still is in when company of
semiconductor of celestial being child holds the post of a selling
manager, with respect to invite applications for a job a batch in the
future the man of the time of Silicon Valley. If AMD is virgin author
of Sang Desi of the · in an outstanding personality, Maxim library
of horse of · of · Ji Fode and Michael of CEO- of malic firm the
first to be appointed to an office pulls Jackie.
Since such, of tendency of individual of calm of tile human relations
discuss why to become company of a venture capital investment
successive style orientaton of 30 years?
Essential and character, this is effort of one differentia
dissimilation. Although all venture capital investment person the
importance that can admit the market, but although be in the United
States, because always short about the data of market situation, most
person is willing to alternate angle researchs a company more, and
the problem with go answering those seeing to be like serious: Is the
technology distinctive? Is administrative group enough good? Whether
can be the product changed by patent? It is not important that these
problems are not, but they can provide one-sided support for a
judgement only, and when investor tries to answer many questions at
the same time, lose a central point very easily.
For instance, there is no lack of the personage inside course of
study points out, compared with investment Yahoo and Google, make a
person feel magical is of Chinese larch investment more. When
many investment firm values at the same time, it experienced
employee collective suddenly to resign, your other investment
business flinchs. Dan Morui Ci did not change original intention,
sell its finally EBay, earn brushstroke greatly.
In this print at this point second of ” of “ pull sb's chestnuts
out of the fire when lifting inquiry Mo Ruici, his directest answer
is: We believe “ as before ” of this market prospect. With respect
to its the judgement at that time, the electron that develops
pays the market is existence, and have tremendous progress space.
Only question is, it and the lie between Paypal that do not cross one
street lie all the time in deeply anxious competition, both sides all
is used up tremendous. This lets it face a not multiple choice: Not
hesitate attenuant share incorporates two companies, acquire the
leadership position of this market.
“ chip in another reason at circuit ” is, actually of the person
that the talent does poineering work is very infrequent. Waluntan
ever expressed, oneself had seen two person do poineering work that
have preterhuman hole to see only all one's life: The Robert of
Intel · Nuo Yisi and malic Steve· Qiao Busi. Even so, when Qiaobusi
found Waluntan 1977, year only 22 years old, read-only cross
university of half an year, love hits barefoot, figure ases if Hu
Zhiming, its experience and identity very persuade investor hard.
Same question appears in Yahoo on this project. Yang Zhiyuan ever
told Yahoo author this publication: “ Mo Ruici's crucial competence
still sees a person, in those days I and cost collect and later two
author of Google, still be a student, ourselves won't bet him to
succeed certainly. ”
But to Chinese larch, this actually is not a problem. When Mo Ruici
discovers Yahoo, the newly established that it still lies to have two
father only period, judge its future achievement to be impossible
almost from the endowment of two people only. Also accordingly, this
is not Mo Ruici thinks first and foremost element. Real problem, also
be most investor bewilderment is: If the complete information on
Yahoo is free, how does it earn money?
This still depends on finally the Mo Ruici judgement to the market.
Ever was in " times " he what weekly assumes office a few years knows
very well, broadcast and TV also are free, but they still can gain
trade huge success, this also should be the future of Yahoo. Just
about he delivers the future that his sees Yang Zhiyuan and
David · is expended collect, let page of Information Retrieval of a
classification turn a portal into the website, become the media
empire on first network finally.
Of course, also not be to say, chinese larch pays no attention to the
character of the person that do poineering work completely.
If examine Chinese larch to invest the father battle array in
combination, discover not hard, although Chinese larch searchs those
“ rarely smooth and slick ” , can solve arrive from the technology
the person do poineering work of all sorts of problems of management,
but its most successful project is built by the group compose with
complementary characteristic normally. For instance the author of
Cisco is a pair of sweethearts, it is an extremely rich
aggressiveness, astute that Sang Di · straps accept and the female
scientist with powerful volition, and its male friend forest
disposition of gram of · rich Sa is optimistic, like to let go
management, and a little academic creed. The Yang Zhiyuan
extroversion of Yahoo, like to ponder over commercial work, cost
collect introversion, dedicated at the technology. And the Ravi of
Google · admire is strange liking to ponder over a thing is how to
happen, xie Er builds · cloth Lin Xihuan to undertake to
accomplished fact they understand their advantage and weakness
ameliorative „„ , and the contribution that another person can make
to the company.
And, chinese larch is almost very few those had had invest in
tremendous and successful the person that do poineering work, and be
willing more those had had invest in the person do poineering work of
frustrate experience. Look in Chinese larch, those people that
succeed continuously often can not understand successful reason
objectively, be immersed in individual hero creed very easily and
ignored general trends, opportunity, other and luck factor. And those
has failed people, if still long to succeed, can examine oneself
better. Took the place of 1970 for instance the root of luck
of · family of power Er husband of evening, he ever had had
wonderful promotion process in Motolora, but a few years when he
heads for semiconductor of celestial being child criterion extremely
not successful. When covering with tiles Lun Tan encounters him again,
he had reviewed from wrong middle school what is invalid, this let
him obtain Chinese larch invest in the opportunity of company of its
LSI Logic. As contrary as this, be swept the floor to go out by the
apple when Qiaobusi, establish when NeXT company, chinese larch did
not have investment to him instead. Mere because, this is the company
that a “ is purpose ” with avenging.
The relationship that this returned “ to surpass hand and circuit ”
again this one problem. Say like place of Mo Ruici fun: “ from live
the judgement on odds, you are willing to bet a talent to jump down
cliff, still bet Everyman to jump down from 2? ” .
Without next Google
Cover with tiles Lun Tan once alleged, since oneself went 1959
Silicon Valley, it is revolutionary that what “ does not have, it is
developmental ” completely. That is to say, all technology progress
is mutual echo, investment is so decision-making be not without
foundation and come.
certain level, the story of Chinese larch can be simplified to be the
chain-reacting that complies with technical evolution to fall really:
After investing malic computer, can discover it needs storage
equipment and software, then Chinese larch invests company of Tandon
of business of 5 inches of floppy disk and inscriptions on bones or
tortoise shells of the Shang Dynasty, it is the company of aether
network equipment that rises the computer connection inside little
scope next 3Com, mature when aether net technology, the computer
connection make use of condition of vaster region limits is in must,
then Chinese larch found Cisco. And after the infrastructure in
Internet is mature, the investment to Yahoo, Paypal with respect to
follow a rational line to do some work well. Even, the first thought
that invests Google is: At least its search engine to Yahoo somewhat
help „„
But essential problem depends on: Almost all wind joins a company
place oneself changes at shedding of science and technology in, it is
not difficult to experience macroscopical trend to change, why be
Chinese larch is captured again and again every time the most
preeminent company in technical the course of change and development?
Because of historical chance, the sufficient requirement that answers
this one question thoroughly does not have a likelihood. But those
who be worth to think is: What is the unique part of process of
Chinese larch investment?
Above all, chinese larch does not comply with the popular climate
that public opinion builds. It is very few appendage big company
people the trend that makes with a large number of capital, the “ of
clamour of cable television company is for instance alternant TV ” ,
also be far from the fervent concept on capital market as far as
possible, be like in recent years accept rice science and technology
and P2P software.
Independent character of this kind of height appears too callous even
in a few moment. The Waluntan that has invested inscriptions on bones
or tortoise shells of the Shang Dynasty pulls the “ software job
that Ailisendi gives li of · to will be by conformity at denying
publicly in recent years the world ” of a few big companies, right
however of small-sized software company open and innovation expresses
praise. Ci criterion callosity points out the Morui that Ceng Yin
sees the Bao Chao outside hardware flows and invest in Wei achieves
power, because the market with low, many need extends gain budget,
and need and the has brand and Asia oneself mimic of retail tycoon
people fight hand-to-hand, one of popular investment concepts of the
last few years consume electronic product is “ human excrement and
lair ” .
Next, chinese larch believes change of “ thinking mode turns ”
(Paradigm Shift) the opportunity of the small company below.
In traditional industry, “ defends the story of ” of conquer Ge
Liya not to see more greatly, but in high-tech domain, this is
thematic however. See semiconductor industry, took the place of early
1960 first, heart state apparatus already scope is vast, but
technical innovation still makes semiconductor of celestial being
child rapid rise abruptly, subsequently Intel surmounted celestial
being child again. Until in recent years, long-term epigone AMD is in
again the position that challenges Intel.
Although the changes of the industry occurs quite naturally, but ego
lasts to update in letting some each body insist to alternate in tide,
reject what bring successfully to manacle especially, very not easy.
A detail is, when national semiconductor company is being gone before
Waluntan left celestial being child 1967, the core member Rob of
celestial being child is special · Nuo Yi Siceng expresses to
indissoluble: “ runs company of a semiconductor now too late. Why
don't you stay here, we had been done quite well, still can do
weller. ” is right this, waluntan's answer is: “ my destiny
continues to advance namely. ” arrived 1969, go establishing before
Noyes when Intel, made of baked clay Lun Tan calls opposite party
designedly: “ Bao Bai, you say with me two years ago too late, why
you run company of a semiconductor now again? ”
Inside Chinese larch, waluntan and his copartner maintains the ego
that always stops ceaselessly to update hard. Every time Chinese
larch opens an era in first the company gained huge success, it
restarts like computer leave commonly in the past, search those
afresh small, the innovation idea that did not get be admissived
Hereon, might as well after referenced Google, the investment of
Michael Er · Mo Ruici combines: Pure Digital of company of sale of
Weatherbug of Sugar Publishing of rich customer firm, weather
forecast website, one-time camera, service the website Eons at crowd
of 50 years old of above, borrow write down card to issue company
Greendot, online game to hire a service website of Red Envelope of
company of business affairs of Plaxo of book of news report of
company Gamefly, network, electron and Zappos, travel.
All these companies the capital concept with popularity none relevant,
and, you cannot find they and Google, Yahoo almost the similar point
of these successful case. To this, mo Ruici expresses, want them to
be able to provide first-rate service only, can acquire tremendous
user group. And what he did not talk more is: All these companies,
having the vast space that provides appreciation service.
For instance Weatherbug of weather forecast website, its give a lot
of care built the network of weather forecast information with a the
most complete North America, if these information can let many user
nurturance understand the habit of weather here, it can be offerred
as corresponding as weather situation everyday the appreciation such
as food, dress, travel serves —— these content, become
advertisement possibly to sell fountainhead.
This kind begs new effort painstakingly, come from on certain level
hereat the lesson before. Mo Ruici may be the investor that loves to
share unsuccessful experience with other most, he often mentions,
came 1997 between 1999, oneself invest 53.5 million dollar in Webvan,
this company tries to change content shedding to ship a system, be in
with a large number of capital site of countrywide many laid. This
lets its gain fame in technical domain, but thick Put government lets
his go bankrupt with a loud crash after network bubble is undone.
This failure consolidate the investment faith of Mo Ruici oneself:
The industry that aims at capital of those companies that have rich
and generous profit margin, escape to gather only, difficulty that
looks down upon change user behavior anything but, do not try easily
before certain way is right. The biggest lesson? Wall street prepares
to invest thousand the domain of about a hundred 10 thousand dollars,
not be right target place.
And the successful experience that as similar as the fervent concept
of wall street is before. “ does not have next Google, resemble
doing not have next Cisco, next Yahoo, next apple, next Intel, next
Microsoft same ” , mo Ruici says, “ company has each different,
great company has the way of the business with unique themselves,
have its own impress and label. ”
And the method that finds the company ” with great “ in the market
of metabolic myriad, still be the problem with the mainest answer:
Who cares about this product? People can be in enough long time ——
for instance to company of venture capital investment, be a periodic
—— 8 years hold the attention to this kind of product? Almost all
be invested greatly by the proof in the future, can give this two
issues with surprise answer.
Esteem is regular
Hereto, the story of Chinese larch spreads out with two factitious
leading role. This kind told about means to assure narrative
efficiency, but cause a kind of misunderstanding easily also: As if
the game that the success of Chinese larch is two people.
If communicate somewhat with the copartner of area of Chinese larch
China, experience not hard, although Waluntan and Mo Ruici are outer
reputation is celebrated, but interiorly, they are the two people in
20 copartner of American only. Although you emphasize saying, they
are the cacique of Chinese larch, this one view also meets by
corrective for: Chinese larch has had two acting investor, generation
with the Tang Dynasty · made of baked clay Lun Tan and Pierre · Lai
Mond (Pierre Lamond) for dominant, the delegate character of the 2nd
generation is · Lai holds Mo Ruici and Doug high inside (Doug
Leone) .
Who is Pierre does · Lai of way squares formed by crossed lines
hold · Lai Meng Dehe high inside? Compared with the Waluntan that
has a series of star projects and Mo Ruici, fame does not consider
the project that they invest big. But this is not had hinder to be
opposite at company interior the respect of two people.
This is the one side that Xian Shaozhan shows Chinese larch to the
outside. Besides Go before tide hard according to a series of
accurate methods, the complementary, tacit agreement that forms
between the essential kind that allows its to retain competition
ability or copartner and grow jointly.
Formally, this reflects for two respects: One of, besides fund author
the Tang Dynasty · made of baked clay Lun Tan, it still has the
partner that era joined 5 1980. This group of “ that occupy 1/3 of
total copartner amount are senior personage ” , be equivalent to the
Chinese larch experience that exceeds 120 years. Secondly, although
cover with tiles Lun Tan or Mo Ruici, also won't abuse individual
authority. Zhou Kui of director of fund of China of capital of
Chinese larch of no less than expresses, chinese larch gives him the
biggest feeling is: Special esteem is regular here, although
everybody is very successful, but it still is an organization that
everybody respects regulation. ”
“ regular ” , to this company that is income source with creativity,
actually is a quite important vocabulary, but also be the outside
however most of constant oversight. If say those who point to to its
invest a method,be Chinese larch what to choose, its are regular, or
say viewpoint of value, made clear it what to abandon.
If be on the problem that enters China, chinese larch inspects what
Chinese market goes to for years, the consideration is bought too, a
variety of means such as joint-stock, collaboration, dan Chi was not
done behindhand advance, main reason does not wish to be interest
sacrifice viewpoint of value namely. And final choice Shen Napeng,
Zhang Fan is combined this pair, more than also because they had had
how brilliant investment personal details, still can go up in value
of a few basises because of both sides chime in easily.
This facilitates finally the crucial factor that two groups of medium,
beauty cooperate, look suddenly it seems that some are not specific.
“ above all, do not depend on successfully whether did I invest
Google today, won how many get one's own back. Next, the success of
Chinese larch China is not first phase fund even, two period the
success of fund, and should be like Chinese larch like the United
States, it is an old development platform. So, current the mainest
job is the culture that establishs a very strong investment fund,
should prop up not only the person that do poineering work, still
must let this investment group win the biggest promotion in run.
Summary weighs ” Shen Napeng.
But it can be fulfilled. It is at least inside very long period of
time, two of Chinese larch China person that do poineering work
cannot put total energy in search a project to go up, the copartner
that uses a large number of time and United States, China however
undertakes discussion, and have interior government. A year since,
chinese larch China's weekly fixed meeting has the person phone such
as Mo Ruici to participate in. Nevertheless, the person that attend
the meeting to every is impressive is,

Chinese larch capital,

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